Posts tagged as:

S&P/Case-Shiller Home Price Index

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                    [post_content] => In data released today, Standard and Poors reported that Greater Boston single family home prices rose 1.2% in June.  This was the third month in row that the S&P Case-Shiller Index for metro Boston showed an increase in Boston home values.

4.2% rise from March’s lows

The 157.83 June reading represents a 4.2% rise in Boston home prices from the recent Index low set last March.

case-shiller boston ma home sale prices June 2008 - June 2010

The Boston index now stands 1.2% higher than its prior spring/summer seasonal high set in back in August 2009.

June data outdated?

June home sale prices are the most recent reported on by Standard and Poors.

And because many home purchases take about 2 months to close, June price data mainly reflect purchase agreements entered into during April 2010, the last month that the two Federal home buyer tax credits were in existence.

Market slowed after tax credits expired

As widely reported in the news media, the US housing market took a pronounced turn for the worse after the expiration of those two tax credits.

July was an especially bad month for US real estate, including Massachusetts.

Some call for return of home buyer tax credit

July’s performance was so bad that it is causing some policy advisers and politicians to call for a new Federal home buyer tax credit to help support the US housing market.

The need for such a return to active stimulation will be debated over coming weeks.

Proponents and opponents alike will be looking hard at August's housing data; early reads on August will be rolling out late this week.

Check back at 02038.com to see how MA fared in August – I’ll be posting soon!

Copyright ©2010 02038.com
                    [post_title] => Boston home prices rose 1.2 percent in June 2010
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                    [post_content] => Greater Boston single family home prices rose 1.5% in May, according to the Standard & Poor's/Case Shiller home price index for the Boston metro area. The increase marked the second month in a row that Boston area home prices rose.

Losses of last fall and winter erased

At 155.95, the S&P/Case Shiller Boston index now has recouped all the losses it experienced during  Massachusetts’ seasonal home price lull last fall and winter.  The Boston index for May stands exactly at its 18 month high set in August 2009.

boston ma home prices 2002 - 2010 may

Seasonal MA home price swings

Boston home prices have risen nearly 3% since March, continuing a pronounced pattern of seasonal swings in metro Boston home prices.

Throughout the last decade, every fall/winter has seen Boston area home prices recede, while during every spring/summer, home prices in Greater Boston have rebounded.

Boston home prices bottomed in 2009?

Beginning in 2005 through 2008, the overall trend in Boston home prices had been downward.

But in a notable break in the downward bias, the 2009-2010 fall/winter home price slump was very mild.

In fact, the bottom of the last seasonal market slump in Greater Boston was higher than the prior year’s low.

Uncertain outlook for home prices

Like metro Boston, many of the US metro markets tracked by S&P showed home price gains in May.

But many housing analysts pin May’s strength on a spring home buying surge amplified by a rush by buyers to qualify for the now-expired Federal home buyer tax credits.

The expert consensus seems to be that home prices across the US face an uncertain future now that the tax credits and spring home buying season are history.

Many housing prognosticators are sounding warnings of a potential second dip in home prices:

Home Prices May Soon Slide

US News

Home Price Gains May Not Last

sc monitor

Experts have been wrong before

There’s a great deal of uncertainty predicting the behavior of any financial or asset market.

Some forecasts are way off target.

For example, mortgage interest rates were pretty universally forecast last winter to soar in 2010.

And those predictions were shown to be totally wrong when mortgage rates proceeded to fall to record lows in 2010 instead.

So no one knows for sure what the future will bring for home prices in Massachusetts and the US.  But you can count on us to keep reporting on this for you in coming months!

Copyright ©2010 02038.com
                    [post_title] => Boston home prices rise for 2nd straight month
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                    [post_content] => Two reports issued separately last week paint a relatively upbeat picture of Massachusetts real estate as we get ready for the Spring 2010 prime home selling season. 

2009 MA home sale volume up

ma home sale volume rises 2009

The Warren Group, publisher of the influential real estate trade publication Banker & Tradesman, released annual home sale figures Tuesday showing a three percent rise in MA home sale volume for 2009 compared to 2008.  The rise marks the first time annual single family home sales in Massachusetts have risen in the past five years.

Boston home sale prices slump modestly

In another report also issued last Tuesday, Standard and Poors posted its November 2009 reading of the S&P/Case-Shiller Home Price Index for Boston. (There is a 2 month lag in Index reporting).

ma home sale prices dip 12 mo 2009

The Index showed only a slight 0.7% drop in Boston area home prices over the last 12 months (from December 2008 – November 2009.)  

Greater Boston home prices rise from 2009 lows

From its low set back in March 2009, the Index has risen 5.6%, peaking in August 2009 before settling back down a bit in following months.

ma home sale prices 6-2008 - 11-2009

Seasonal home price slumps

We have seen such home price slumps occur over the last several years, following a fairly regular pattern.

seasonal slumps

As you can see from the above graph, Boston metro home prices over the past several years as tracked by the S&P/Case-Shiller Home Price Index have peaked during the summer months and have fallen back during the cold, dark winter months.

We will watch the S&P/Case-Shiller Home Price Index very closely over the upcoming several months to see if MA home prices resume their recovery as the spring home selling season gets underway.

Keep checking back for updates!

Copyright ©2010 02038.com
                    [post_title] => MA home sale volume up, 12 month home prices slump modestly
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                    [post_content] => The S&P/Case-Shiller Home Price Index for Greater Boston has erased all of the declines it experienced in 2009 and is now higher than it was back in December 2008.   Standard and Poor’s announced today that the Boston Case-Shiller Index rose 1.2% in July 2009 to stand at 154.53.  The Boston Index was at 153.05 last December. 

case-shiller boston index july 2009

4 months of Metro Boston  home price increases

July’s Boston Index reading marks the fourth straight month that Boston metro-area home values have risen.  How Massachusetts home sale prices perform over the next several months will tell whether the current rise in home sale prices is only a seasonal uptick or marks a true real estate market bottom in MA.

Boston real estate market one of 4 most healthy in US

On a 12 month basis, single family home values in Greater Boston are still down 4.9% according the Standard and Poor's.

case-shiller home price index 12 months

However, that 4.9% decline over the last 12 months ranks Greater Boston as the 4thmost healthy of all US regional markets tracked by Standard and Poor’s.  Only Cleveland (-1.3%), Dallas (-1.6%) and Denver (-2.9%) have experienced smaller home value declines than Boston in the last 12 months.

 And compared to the large double-digit declines in home values seen over the last 12 months in many other metropolitan markets tracked by Standard and Poor’s,  Greater Boston real estate almost seems healthy. 

The relatively benign decline of home values in Greater Boston over the last 12 months is consistent with a recent report that the Massachusetts economy is poised to rebound from the recession earlier than most other US states and published speculation that home values in MA may jump over 20% in the next 5 years.

Caution called for

There is still quite a lot of weakness in the national economy.  No one can predict the future with confidence so caution with home sale price predictions is certainly called for.

The following was noted by David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s in a press release accompanying the publication of the July Case-Shiller data:

“These figures continue to support an indication of stabilization in national real estate values, but we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer’s Tax Credit in November, anticipated higher unemployment rates and a possible increase in foreclosures.”

Copyright ©2009 02038.com
                    [post_title] => Boston MA home prices recover 2009 losses
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                    [post_content] => Single family home prices in Greater Boston rose 2.6% in June 2009, according to figures released today by Standard and Poor’s.  June’s 152.71 reading on the S&P/Case-Shiller Home Price Index for Boston marks the third straight month that Boston metro-area home prices have risen.

boston-home-prices-2002-2009

From 2009’s market bottom last March (145.83 on the Index), single family home values in Greater Boston are up 4.7% as of June 2009. (June 2009 is the most recent month for which data is available from Standard and Poor’s.)

For the first six months of the 2009, single family home prices in the greater Boston area have climbed 1.3% (from 150.73 on the Index in January).  That might not seem like much to cheer about, but please remember the widespread fears of an economic depression that were so prevalent earlier in the year.

To pour a bit of cold water on any celebration, however, I have to note that at 152.7 in June, 2009, the Boston Index is still 5.9% lower than its 162.31 reading back in June 2008.

boston-home-prices-2006-2009

The big question for the next 6 to 12 months is whether we will successfully break the repeated stair-step pattern of partial home price rebounds followed by further home price declines that we in Massachusetts have been experiencing annually since 2006?

As this post is written in August 2009, another round of significant home value declines for Greater Boston in 2009 - 2010 appears unlikely. 

Given the building evidence that the national economy is stabilizing and consumer sentiment is rising, we may be at a real estate market bottom in Massachusetts.  If we are, we may see some up and down price "bumps" over the next 12 months in Massachusetts as the market finds and solidifies a bottom. 

Once a bottom is firmly established, sustained increases in MA home prices may be very possible over the next 3 to 5 years.  That's a prospect sure to encourage everyone who's lived through our painful real estate recession!

Copyright ©2009 02038.com
                    [post_title] => Home Prices Rise Again in Metro-Boston
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                    [post_content] => Home owners throughout Massachusetts received some very welcome news today from Standard and Poor’s.   Boston metro area home prices rose 0.4% in April 2009 according to new figures in the S&P/Case-Shiller Home Price Index.

good-news

First Rise in 8 Months

April’s home price rise breaks what was up until now an 8 month stretch of home price declines in the Boston area.  April’s Index data is the most current available from Standard and Poor’s. The S&P/Case-Shiller Home Price Index is published each month with a two month lag.

boston-home-prices-april-09

The upturn is consistent with improved consumer confidence on the national level and the markedly stronger home buyer activity noted by local real estate agents starting back in March 2009.

Home prices rose in April in several other metro markets reported on by Standard and Poor’s.  Participating in the modest home price upturn were Washington DC,  Atlanta , Cleveland, Dallas and Seattle.  Home prices continued to decline in other US markets tracked by the Index.

Market Bottom?

April’s home price increase in the Boston region may signify the bottom of the Massachusetts real estate market. 

Or it may prove to be a short-lived seasonal price bounce, similar to what happened in 2006, 2007 and 2008 where prices rose modestly for a few months early in the year only to fall back further as each year progressed.  (See the rises and falls in Boston home values over the past few years in the chart above). 

Time Will Tell

We’ll need to see several more months of Boston home price performance in 2009 before we’ll know if we are finally at the end of what has been the worst real estate market in MA since the severe New England real estate recession of 1989 – 1991.  But any price increase is very welcome news!

Copyright ©2009 02038.com

[post_title] => Home Prices Rise in Boston [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => home-prices-rise-boston-6-09 [to_ping] => [pinged] => [post_modified] => 2009-06-30 12:07:34 [post_modified_gmt] => 2009-06-30 17:07:34 [post_content_filtered] => [post_parent] => 0 [guid] => http://www.02038.com/?p=3834 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw [post_category] => 0 ) ) [post] => WP_Post Object ( [ID] => 6137 [post_author] => 2 [post_date] => 2010-08-31 13:44:49 [post_date_gmt] => 2010-08-31 18:44:49 [post_content] => In data released today, Standard and Poors reported that Greater Boston single family home prices rose 1.2% in June.  This was the third month in row that the S&P Case-Shiller Index for metro Boston showed an increase in Boston home values. 4.2% rise from March’s lows The 157.83 June reading represents a 4.2% rise in Boston home prices from the recent Index low set last March. case-shiller boston ma home sale prices June 2008 - June 2010 The Boston index now stands 1.2% higher than its prior spring/summer seasonal high set in back in August 2009. June data outdated? June home sale prices are the most recent reported on by Standard and Poors. And because many home purchases take about 2 months to close, June price data mainly reflect purchase agreements entered into during April 2010, the last month that the two Federal home buyer tax credits were in existence. Market slowed after tax credits expired As widely reported in the news media, the US housing market took a pronounced turn for the worse after the expiration of those two tax credits. July was an especially bad month for US real estate, including Massachusetts. Some call for return of home buyer tax credit July’s performance was so bad that it is causing some policy advisers and politicians to call for a new Federal home buyer tax credit to help support the US housing market. The need for such a return to active stimulation will be debated over coming weeks. Proponents and opponents alike will be looking hard at August's housing data; early reads on August will be rolling out late this week. Check back at 02038.com to see how MA fared in August – I’ll be posting soon! Copyright ©2010 02038.com [post_title] => Boston home prices rose 1.2 percent in June 2010 [post_excerpt] => [post_status] => publish [comment_status] => open [ping_status] => open [post_password] => [post_name] => boston-home-prices-rose-june-2010 [to_ping] => [pinged] => [post_modified] => 2010-08-31 13:44:49 [post_modified_gmt] => 2010-08-31 18:44:49 [post_content_filtered] => [post_parent] => 0 [guid] => http://www.02038.com/?p=6137 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw [post_category] => 0 ) [queried_object] => stdClass Object ( [term_id] => 244 [name] => S&P/Case-Shiller Home Price Index [slug] => spcase-shiller-home-price-index [term_group] => 0 [term_order] => 0 [term_taxonomy_id] => 249 [taxonomy] => post_tag [description] => [parent] => 0 [count] => 7 ) [queried_object_id] => 244 )

Boston home prices rose 1.2 percent in June 2010

by Warren Reynolds on August 31, 2010

In data released today, Standard and Poors reported that Greater Boston single family home prices rose 1.2% in June.  This was the third month in row that the S&P Case-Shiller Index for metro Boston showed an increase in Boston home values. 4.2% rise from March’s lows The 157.83 June reading represents a 4.2% rise in [...]

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Boston home prices rise for 2nd straight month

by Warren Reynolds on July 28, 2010

Greater Boston single family home prices rose 1.5% in May, according to the Standard & Poor’s/Case Shiller home price index for the Boston metro area. The increase marked the second month in a row that Boston area home prices rose. Losses of last fall and winter erased At 155.95, the S&P/Case Shiller Boston index now [...]

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MA home sale volume up, 12 month home prices slump modestly

by Warren Reynolds on January 30, 2010

Two reports issued separately last week paint a relatively upbeat picture of Massachusetts real estate as we get ready for the Spring 2010 prime home selling season.  2009 MA home sale volume up The Warren Group, publisher of the influential real estate trade publication Banker & Tradesman, released annual home sale figures Tuesday showing a [...]

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Boston MA home prices recover 2009 losses

by Warren Reynolds on September 29, 2009

The S&P/Case-Shiller Home Price Index for Greater Boston has erased all of the declines it experienced in 2009 and is now higher than it was back in December 2008.   Standard and Poor’s announced today that the Boston Case-Shiller Index rose 1.2% in July 2009 to stand at 154.53.  The Boston Index was at 153.05 last [...]

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Home Prices Rise Again in Metro-Boston

by Warren Reynolds on August 25, 2009

Single family home prices in Greater Boston rose 2.6% in June 2009, according to figures released today by Standard and Poor’s.  June’s 152.71 reading on the S&P/Case-Shiller Home Price Index for Boston marks the third straight month that Boston metro-area home prices have risen. From 2009’s market bottom last March (145.83 on the Index), single family home [...]

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Home Prices Rise in Boston

by Warren Reynolds on June 30, 2009

Home owners throughout Massachusetts received some very welcome news today from Standard and Poor’s.   Boston metro area home prices rose 0.4% in April 2009 according to new figures in the S&P/Case-Shiller Home Price Index. First Rise in 8 Months April’s home price rise breaks what was up until now an 8 month stretch of home [...]

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